Managing Benefits™ is a concept that many organisations struggle to define and measure when implementing business project initiatives. In particular who should be accountable for managing whether benefits are being achieved, including their realisation.
Understanding and measuring the benefits of any project is considered a vital crux to ensuring a projects success, however, the benefits are not necessarily realised during the development/roll-out stages.
Benefits are generally realised after the project has been embedded into the business and in operational use. This may be months (or even years) after the closure of the project and often to the detriment and cost to the business.
Managing Benefits concept comes from APMG-International which provides guidance around the full scope of managing project benefits from identifying, valuing, planning to realising and reviewing; simply put it focusses on optimizing the return from investments.
“Benefit management is concerned with informing investment decisions and optimization of benefits realization. It extends beyond passive reporting against forecast, to active approaches that engage stakeholders in an ongoing search for benefits.”
Managing Benefits, 2012
To outline this concept further it’s important to understand the benefits the practice can have on both an individual and organisation level.
Benefits for organisations
- By realising the right company benefits this will attract prospects in terms of investors, clients, revenue and efficiency levels regardless of professional discipline and type of organisation
- Having the ability to demonstrate more efficient and effective practices through better use of available resources. This enhances an organisation’s ability to retain motivated and skilled change management staff and to attract investors
- Improved return on investment from projects and programmes as more benefits are realised and sustained over a longer period of time
- Enhanced confidence on the part of regulators and funding agencies, facilitating the case for continued initiative funding
- Gain an enterprise-wide understanding of the expected benefits of a project or programme, and be able to measure when they are realized.
Benefits for individuals
- Managing Benefits Foundation and Practitioner accreditations are internationally recognised. Achievement of the accreditation is recognition that an individual has attained a level of knowledge in accordance with certification standards. Accreditation is internationally recognised from APMG-International which applies globally whether you are working for a private or public sector organisation
- The terminology applied through a Managing Benefits accreditation is consistent with AXELOS Best Management Practice guidance including PRINCE2®, MSP®, P3O®, MoP® and P3M3®
- Accreditation provides an enhanced professional competence through benefits management practices and techniques. Having the ability to implement methods, including knowledge of management accountancy, behavioural finance, psychology, neuro-science and systems thinking
- Understanding of proven principles upon which successful approaches to benefits management are built and applied to projects, programmes and portfolios
- Access to a route map to adoption of more cost-effective techniques and practices
- Become adept at forecasting realistic benefits to produce business cases which address business issues and objectives and provide a route to measure success
Want to know if your projects are on target to provide the right business benefit? Or if you simply want further information around Project Management, speak to one of our qualified customer service team today on 1300 70 13 14.
Managing Benefits™ is a Trade Mark of the APM Group Ltd; PRINCE2® is a registered trade mark of AXELOS Limited; MSP® is a registered trade mark of AXELOS Limited; MoP® is a registered trademark of AXELOS Limited; P3O ® is a registered trade mark of AXELOS Limited; P3M3 ® is a registered trade mark of AXELOS Limited